Q4 2024 EPS Estimates for Prosperity Bancshares, Inc. Cut by Wedbush (NYSE:PB)

Prosperity Bancshares, Inc. (NYSE:PB - Free Report) - Research analysts at Wedbush lowered their Q4 2024 earnings estimates for Prosperity Bancshares in a report released on Wednesday, March 27th. Wedbush analyst D. Chiaverini now forecasts that the bank will post earnings per share of $1.33 for the quarter, down from their previous estimate of $1.34. The consensus estimate for Prosperity Bancshares' current full-year earnings is $5.06 per share.

Prosperity Bancshares (NYSE:PB - Get Free Report) last issued its earnings results on Wednesday, January 24th. The bank reported $1.19 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. Prosperity Bancshares had a net margin of 26.24% and a return on equity of 6.62%. The business had revenue of $413.00 million for the quarter, compared to the consensus estimate of $279.34 million. During the same quarter last year, the firm posted $1.51 EPS.

A number of other brokerages have also issued reports on PB. Raymond James upped their target price on Prosperity Bancshares from $65.00 to $80.00 and gave the company a "strong-buy" rating in a research report on Friday, January 5th. Citigroup started coverage on Prosperity Bancshares in a report on Friday, December 1st. They issued a "buy" rating and a $68.00 price target for the company. Barclays assumed coverage on Prosperity Bancshares in a research note on Friday, March 8th. They set an "equal weight" rating and a $68.00 price objective on the stock. Royal Bank of Canada reissued a "sector perform" rating and set a $70.00 target price on shares of Prosperity Bancshares in a report on Thursday, January 25th. Finally, Morgan Stanley raised shares of Prosperity Bancshares from an "underweight" rating to an "equal weight" rating and set a $69.00 price target for the company in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $68.79.

Prosperity Bancshares Price Performance

NYSE PB traded up $0.72 on Thursday, reaching $65.78. The company had a trading volume of 640,388 shares, compared to its average volume of 606,531. The firm has a market capitalization of $6.15 billion, a PE ratio of 14.52, a P/E/G ratio of 1.24 and a beta of 0.93. The firm has a 50-day moving average of $63.33 and a 200-day moving average of $60.57. Prosperity Bancshares has a 1 year low of $49.60 and a 1 year high of $68.88.

Hedge Funds Weigh In On Prosperity Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Planned Solutions Inc. bought a new position in shares of Prosperity Bancshares during the 4th quarter worth approximately $37,000. GAMMA Investing LLC bought a new stake in Prosperity Bancshares during the fourth quarter worth about $38,000. Covestor Ltd increased its holdings in shares of Prosperity Bancshares by 83.6% during the first quarter. Covestor Ltd now owns 692 shares of the bank's stock worth $48,000 after buying an additional 315 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Prosperity Bancshares by 835.9% in the 4th quarter. Parallel Advisors LLC now owns 730 shares of the bank's stock worth $49,000 after acquiring an additional 652 shares in the last quarter. Finally, Signaturefd LLC raised its position in Prosperity Bancshares by 171.5% in the 4th quarter. Signaturefd LLC now owns 744 shares of the bank's stock valued at $50,000 after purchasing an additional 470 shares during the last quarter. 80.69% of the stock is currently owned by institutional investors.

Prosperity Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Thursday, March 14th. Prosperity Bancshares's dividend payout ratio (DPR) is 49.45%.

Prosperity Bancshares Company Profile

Prosperity Bancshares, Inc operates as bank holding company for the Prosperity Bank that provides financial products and services to businesses and consumers. It accepts various deposit products, such as demand, savings, money market, and time accounts, as well as and certificates of deposit. The company also offers 1-4 family residential mortgage, commercial real estate and multifamily residential, commercial and industrial, agricultural, and non-real estate agricultural loans, as well as construction, land development, and other land loans; consumer loans, including automobile, recreational vehicle, boat, home improvement, personal, and deposit account collateralized loans; term loans and lines of credit; and consumer durables and home equity loans, as well as loans for working capital, business expansion, and purchase of equipment and machinery.